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CEMIG (NYSE:CIG) Sees Significant Increase in Short Interest

Financial News Live ·  Jan 23, 2023 10:31

CEMIG (NYSE:CIG – Get Rating) saw a significant increase in short interest during the month of December. As of December 30th, there was short interest totalling 3,890,000 shares, an increase of 16.5% from the December 15th total of 3,340,000 shares. Based on an average trading volume of 8,540,000 shares, the days-to-cover ratio is presently 0.5 days.

Wall Street Analyst Weigh In

Separately, TheStreet upgraded CEMIG from a "c+" rating to a "b" rating in a research report on Monday, December 12th.

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Institutional Investors Weigh In On CEMIG

Several institutional investors and hedge funds have recently modified their holdings of the stock. Mitsubishi UFJ Trust & Banking Corp grew its stake in CEMIG by 12.9% during the third quarter. Mitsubishi UFJ Trust & Banking Corp now owns 45,891 shares of the utilities provider's stock valued at $93,000 after acquiring an additional 5,229 shares in the last quarter. US Bancorp DE increased its holdings in shares of CEMIG by 48.5% in the second quarter. US Bancorp DE now owns 72,962 shares of the utilities provider's stock worth $148,000 after purchasing an additional 23,845 shares during the last quarter. SPX Gestao de Recursos Ltda purchased a new stake in shares of CEMIG in the third quarter worth about $326,000. Finally, Marshall Wace LLP purchased a new position in CEMIG during the 3rd quarter valued at approximately $4,290,000. Institutional investors own 3.02% of the company's stock.

CEMIG Price Performance

Shares of CEMIG stock traded up $0.01 during trading hours on Monday, hitting $2.16. The company's stock had a trading volume of 301,686 shares, compared to its average volume of 5,026,456. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.24 and a current ratio of 1.25. CEMIG has a 12-month low of $1.79 and a 12-month high of $2.62. The business has a 50 day moving average price of $2.07 and a two-hundred day moving average price of $2.16. The company has a market cap of $4.75 billion, a PE ratio of 9.84 and a beta of 0.68.

CEMIG Company Profile

(Get Rating)

Companhia Energética de Minas Gerais, through its subsidiaries, engages in the generation, transmission, distribution, and sale of electricity in Brazil. The company generates electricity through renewable energy sources, such as water, wind, sun, and biomass; or non-renewable sources, including fossil and nuclear fuels.

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